Millennials (a k a Generation Y) are the cheapest generation. Forget big cars and houses—they want small, affordable, and different. The emergence of the “sharing economy”
Great Recession is responsible for some of the decline. But it’s highly possible that a perfect storm of economic and demographic factors—from high gas prices, to re-urbanization, to stagnating wages, to new technologies enabling a different kind of consumption—has fundamentally changed the game for Millennials.
The emergence of the “sharing economy”—services that use the Web to let companies and families share otherwise idle goods—is headlined by Zipcar, but it also involves companies such as Airbnb, a shared marketplace for bedrooms and other accommodations for travelers; and thedUP, a site where parents can buy and sell kids’ used clothing.